There is a new company named BlockFi that is rolling out a new trading platform that allows users to trade, borrow, and earn interest on their crypto currencies. I found this article interesting due to the fact that most of buzz surrounding crypto currencies has died down for the most. After reading this article, Im curious of two things. Will this become a popular platform, and it this really the future of finance/economics. If this new platform proves that there is some serious money to be made through lending crypto, how long will it take until major banks offer loans in these types of currencies.
The reason why a lot of banks don't like crypto is because it's a decentralized currency meaning that they can't control the supply of crypto, unless there's obviously a way to do that, but I don't really know anything about crypto so I can't dive into this topic. So unless banks can control the supply of crypto currencies than I could see this possibly working, but once again I'm no expert on crypto.
ReplyDeleteThis platform is very interesting for a number of reasons. The main one as Teddy mentioned is that banks will be iffy on lending crypto because they never know how much will actually be available. The lack of reliability here will likely prevent apps like this growing too much.
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